Vistaprint Reports Double-Digit Growth, Releases Five-Year Plan

Operating income in the fourth quarter was $17.0 million, or 8.1 percent of revenue, and reflected a 22 percent increase compared to operating income of $13.9 million, or 8.5 percent of revenue, in the same quarter a year ago. For the full fiscal year, operating income was $93.1 million, or 11.4 percent of revenue, a 21 percent increase over operating income of $76.8 million, or 11.5 percent of revenue, in the prior fiscal year.

GAAP net income for the fourth quarter was $14.4 million, or 6.9 percent of revenue, representing a 24 percent increase compared to $11.7 million, or 7.1 percent of revenue in the same quarter a year ago. For the full fiscal year, GAAP net income was $82.1 million, or 10.0 percent of revenue, a 21 percent increase over GAAP net income of $67.7 million, or 10.1 percent of revenue, in the prior fiscal year.

Non-GAAP adjusted net income for the fourth quarter, which excludes share-based compensation expense and its related tax effect, was $19.5 million, or 9.4 percent of revenue, representing a 13 percent increase over non-GAAP adjusted net income of $17.3 million, or 10.5 percent of revenue, in the same quarter a year ago. For the full fiscal year, non-GAAP adjusted net income, which excludes share-based compensation expense and its related tax effect, was $104.5 million, or 12.8 percent of revenue, a 15 percent increase over non-GAAP adjusted net income of $90.9 million, or 13.6 percent of revenue, in the prior fiscal year.

Capital expenditures in the fourth quarter were $8.2 million or 3.9 percent of revenue. During the full fiscal year, capital expenditures were $37.4 million or 4.6 percent of revenue.

During the fourth quarter, the company generated $36.3 million of cash from operations and $26.4 million in free cash flow, defined as cash from operations less purchases of property, plant and equipment, purchases of intangible assets, and capitalization of software and website development costs. During the full fiscal year, the company generated $162.6 million of cash from operations and $118.7 million in free cash flow.